FG Targets 1% of $78bn Global Satellite Market

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Dele Ogbodo in Abuja

The Minister of Communication Technology, Mr. Adebayo Shittu, on Thursday said government, through the Nigerian Communications Satellite Limited (NIGCOMSAT), is targeting one per cent annually from the $78.billion global satellite technology market.

According to him, the recent deal between NIGCOMSAT and the Belaruse Communication is a pointer to the fact that Nigeria can generate more foreign exchange from communication satellite programmes.

He made the disclosure at the Satellite-based Augmentation System (SBAS) workshop organised in Abuja, NIGCOMSAT in collaboration with China Great Wall Industries Corporation (CGWIC).

Represented by the ministry’s Permanent Secretary, Arch Sunday Echono, the minister said communication satellite has prospects for a multi-billion dollar business and market opportunities for Nigeria, especially now that revenue from crude oil is dwindling.

“Today, we have almost 4 billion Global Navigation Satellites System (GNSS) devices worldwide with Africa experiencing the fastest growth in location-based services (LBS), amongst others. The multi-billion dollar business prospects and market opportunities will continue to grow and evolve faster in the era of Internet of Things (IOT).”

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